tax credit

Median Prices up, sales down…. what does it all mean?

I just read an article on Rismedia that references different statistics for the Chicago area. One notable thing is that the median price of homes is up, while the amount of transactions is down. What does all that mean? To me, it means that people are no longer only looking to buy short sales and foreclosures. It means that more than just investors are in the market. It means that families are moving up and getting larger homes to accommodate their growing families. These are all good signs in my opinion….all signs that we are slowly returning to a normal housing market. And please don’t think that when I say normal that I am talking about what we saw in the late Nineties and early this decade. I am talking about a strong healthy housing market where people don’t look at their homes as a vehicle for getting rich. A market where people look at homes as homes. We are talking about long term investments and stability for families so that five years after a family moves in, they are not forced out by crazy loans and skyrocketing costs.

Bring on the white picket fences!!!!

To read that article I am referencing, click below:
C.A.R. Reports February 2010 Median Price Increased 14.1 Percent; Home Sales Decreased 11.7 Percent | RISMedia http://bit.ly/dhKOGj

As always, if you know anyone who is looking to buy or sell Real Estate, do them a favor and have them contact me at either, lnevin@ksgmac.com or they can call me at 773-809-5536.

Enjoy,

Len Nevin

tax credit

Koenig & Strey Market Watch

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Has Spring Sprung?

With less than two weeks remaining until the coveted official beginning to the running season at the Shamrock Shuffle, one has to ask themselves…. is spring here? I for one am thinking yes. For one, the Real Estate market has definitely picked up. In fact, the company I work for (Koenig & Strey) is up 67% in sales from a year ago. That is a HUGE increase in numbers. I personally have written more business YTD compared to a year ago. With the Tax Credit winding down and people now knowing if it will be renewed one more time, I am getting a feeling that our spring is going to bet even busier yet. The job report gave us good news for the first time in a while last week as well.

With all of these signs of good news and a fresh start, I definitely have a feeling that this spring will be a good one!!!

As always, if you know anyone who is looking to buy or sell Real Estate, do them a favor and have them contact me at either, lnevin@ksgmac.com or they can call me at 773-809-5536.

Enjoy,

Len Nevin

tax credit

IRS Clarifies What’s Needed to Claim Tax Credit

The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: “In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/2010)

As always, if you know anyone who is looking to buy or sell Real Estate, do them a favor and have them contact me at either, lnevin@ksgmac.com or they can call me at 773-809-5536.

Enjoy,

Len Nevin

tax credit

Distressed Properties at Least 34% of 2009 Home Sales in Metro Chicago Real Estate Market

I recently read this article on Ris Media’s website at http://rismedia.com/2010-02-21/regional-spotlight-distressed-properties-at-least-34-of-2009-home-sales-in-metro-chicago-real-estate-market/.

To be honest, I am not that surprised. We all know that Short Sales and Foreclosures are everywhere. You can’t turn on the TV or listen to the radio without hearing about it. Jobs are not back yet and people can only go so long on unemployment before they just can’t make ends meet anymore. Its a sign of the times.

The good news? The good news is that people are buying these homes. Yes, I feel horrible for the folks who have lost their homes and have had to relocate to apartments or by living with relatives. That being said, I feel that these purchases are helping the economy come back to life. Every Real Estate transaction employs over 40 people, if only for a short time. You have the agents, home inspectors, appraisers, lenders, title company, closing officers, attorneys… and the list goes on and on.

We will get ourselves out of this mess and life will continue and our families will be the better for it. If we have learned anything in the past decade, I hope it is that money is not free and purchases as large as a home should be entered with thought and with the buyer having some money in the game. I also hope that we don’t see the day that some of the programs of the past come back to life.

Here is to a good future for all of us and the hopes that all who have the dream of owning their own home will be able to achieve that goal through hard work and determination.

As always, if you know anyone who is looking to buy or sell Real Estate, do them a favor and have them contact me at either, lnevin@ksgmac.com or they can call me at 773-809-5536.

Enjoy,

Len Nevin

tax credit

3 Factors to Take Into Consideration Before Jumping Into Housing Market

Purchasing a new home can be a very daunting task. Many do not know where to start, who to talk to, or who to trust. I frequently find this to be true with people who are purchasing their first home. The current market is prime for those looking to make that first purchase. If you wonder why I would say that, consider these facts:

• Homes are at prices we have not seen for years
• Rates are still at historic lows
• There is still time to take advantage of the tax credit
• Inventory is high so there is a lot to choose from

There are more factors as to why this is a great time to purchase a home and I could go on all day about that. If you are considering purchasing a home, this article gives some great pointers as to 3 key factors that you need to look at.